Home Buyer Tax Credit Extended 2009-2010

November 6, 2009: President Obama has signed into law today the bill that has extended and expanded the homebuyer tax credit.

Congress passed a bipartisan measure this week extending the $8,000 home buyer tax credit to April 30, 2010.

Additionally, more buyers are now eligible to take advantage of the homebuyer tax credit, which includes a $6,500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years.

Click Here for the National Association of Realtor's chart of current homebuyer tax credit benefits along with the new homebuyer tax credit benefits effective December 1, 2009 to April 30, 2010.

Income limits for eligible home buyers were increased to $125,000 for single buyers and $225,000 for couples. Qualifying home prices are eligible up to $800,000.

Jim Starwalt

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Jim Starwalt, Broker Associate RE/MAX Center, Phone: 847-548-2625 Jim@StarHomeFinders.com